Archer Aviation (NYSE:ACHR) Stock Price Down 1.3% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares traded down 1.3% during trading on Monday . The stock traded as low as $3.15 and last traded at $3.15. 1,665,564 shares traded hands during trading, a decline of 77% from the average session volume of 7,334,132 shares. The stock had previously closed at $3.19.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Benchmark reiterated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. HC Wainwright started coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Down 5.5 %

The stock has a market capitalization of $1.01 billion, a P/E ratio of -1.99 and a beta of 2.31. The stock’s fifty day simple moving average is $3.28 and its two-hundred day simple moving average is $3.66. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. As a group, research analysts expect that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the stock in a transaction dated Thursday, August 8th. The stock was bought at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 27.17% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its holdings in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares during the last quarter. Hsbc Holdings PLC lifted its position in Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after acquiring an additional 3,341 shares in the last quarter. CWM LLC boosted its stake in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Archer Aviation by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after purchasing an additional 5,611 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after purchasing an additional 7,184 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.